Mr Price is acquiring a major stake in the Studio 88 group for an estimated price of R3.3 billion.
According to Business Tech, RMB Ventures and the current management of the Studio 88 Group have agreed to sell 70% of Blue Falcon, which controls Studio 88 group of enterprises, to Mr Price.
The deal will be completely funded using the group’s existing cash resources, according to a statement released on Wednesday, April 13.
The Studio 88 Group is a South African independent retailer of branded leisure, lifestyle and sporting apparel and footwear, with R5.6 billion in revenue for the fiscal year ended September 2021.
It’s a family-owned company that’s been doing business in Southern Africa since 2001.
Mr Price Group CEO Mark Blair said the new partnership will give Mr Price a great opportunity to enter the fast-growing urban wear and athleisure market.
“The partnership with Studio 88 Group gives Mr Price an ideal entry into the high-growth urban wear and athleisure segments of the market, which presents us with a significant non-competing channel,” he said.
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